Passive commerce . . . should thus . . . [compel us] to content ourselves with the first price of our commodities, and to see the profits of our trade snatched from us, to enrich our enemies and persecutors. That unequalled spirit of enterprise . . . an inexhaustible mine of national wealth, would be stifled and lost; and poverty and disgrace would overspread a country, which, with wisdom, might make herself the admiration and envy of the world.
Interpretation
The quote emphasizes the importance of active commerce to prevent national poverty and disgrace.
Alexander Hamilton's quote highlights how passive engagement in commerce leads to missed opportunities and profits being diverted to adversaries. It argues that a proactive approach to trade fosters national wealth and honor, suggesting that with the right strategic mindset, a country can achieve great admiration and envy from others, rather than succumbing to economic decline and moral failure.
In practice
In a business conference discussing economic strategies, this quote by Hamilton serves as a poignant reminder to adopt an active approach to trade.
When men, engaged in unjustifiable pursuits, are aware that obstructions may come from a quarter which bare apprehension of opposition from doing what they would with eagerness rush into if no such external impediments were to be feared.
The tendency of a national bank is to increase public and private credit. The former gives power to the state, for the protection of its rights and interests: and the latter facilitates and extends the operations of commerce among individuals. Industry is increased, commodities are multiplied, agriculture and manufacturers flourish: and herein consists the true wealth and prosperity of a state.
It's not tyranny we desire; it's a just, limited, federal government.
The Achaeans soon experienced, as often happens, that a victorious and powerful ally is but another name for a master.
The people are turbulent and changing; they seldom judge right or make good decision.
The true principle of a republic is that the people should choose whom they please to govern them. Representation is imperfect, in proportion as the current of popular favor is checked. The great source of free government, popular election, should be perfectly pure, and the most unbounded liberty allowed.
Perhaps the hardest challenge has been to persuade the public, impatient for rapid growth, of the need to ensure stability first. Growth, it is argued, is always more important, regardless of the looming economic risks.
The budget should be balanced not by more taxes, but by reduction of follies.
Most of economics can be summarized in four words: 'People respond to incentives.' The rest is commentary.
An economy hampered by restrictive tax rates will never produce enough jobs or enough profits
This long run is a misleading guide to current affairs. In the long run we are all dead. Economists set themselves too easy, too useless a task if in tempestuous seasons they can only tell us that when the storm is long past the ocean is flat again.
There's a long list of investments that governments could and should be making. There is strengthening infrastructure, such as transport and communications; there is investment in education; there is investment in families, particularly putting measures in place that free women from having to make the choice between raising a family and work.
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